Property Market Malaysia: S P Setia’s views about Budget 2024 for the property market
What does a prominent property developer think of Budget 2024?
There has been many views about the Budget 2024. Here is an earlier article on implications of Budget 2024 too. Budget 2024 Measures and Implications (click to read) Now let’s listen to what S P Setia has to say. According to this ranking of the top 10 developers in Malaysia by PropertyGuru for year 2022 – 2023, S P Setia is number 2 in the list. Source here: PropertyGuru Top 10 Developer List Thus, when they have some views about Budget 2024, we should listen to what they have to say.
Article in theedgemalaysia.com S P Setia said that property market issues such as affordable housing supply, property financing, and rental market regulations need to be considered to create a comprehensive plan for industry development.
It said, “Addressing these issues will contribute to a more vibrant and sustainable property market. We remain optimistic about the government’s commitment, and look forward to collaborating with relevant authorities and stakeholders to develop affordable and quality housing.”
S P Setia also have positive views of Budget 2024. It said, “We are also encouraged by the allocation of RM2.47 billion for affordable housing projects in 2024, which will support the recovery of abandoned projects, and contribute to housing development. The special guarantee fund of RM1 billion for reputable developers to restore abandoned projects is a positive step, while the allocation of RM546 million to continue the People’s Housing Programme (PPR) will provide much-needed housing, with 15 projects expected to be completed next year.”
About the flat stamp duty rate of 4% on property transfers by non-citizens and foreign owned companies, S P Setia said that this is a necessary move to control land prices. Do read in full Article in theedgemalaysia.com
Affordable housing will always be key in all Budgets (my view)
With a growing population (even if slowly), housing will always be a key issue. Urbanisation is still continuing and new working professionals in cities would need a place to stay. When they get married, they may need a space of their own. Once the family grows, they may need a bigger place. This is why the demand for housing will continue to grow until one day when the population is no longer growing. By then, maybe the type of housing may have to change to cater to the older population.
For now, perhaps the government has to ensure all measures are not just quantitative in planning but also qualitative too. Any plans to build must be because there is demand. Situations such as completed affordable housing having no owners must never happen. Else, this is wasted resources and truth is, the rakyat are the ones paying for all these wastages yeah. Please stay focused on the implementation part for all these affordable housing measures.
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